Canaan Inc. [CAN] moved up 6.00: Why It’s Important

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Canaan Inc. [NASDAQ: CAN] closed the trading session at $6.18 on 03/28/22. The day’s price range saw the stock hit a low of $6.00, while the highest price level was $6.51. The company report on March 16, 2022 that Canaan Inc. Announces Up to US$100 Million Share Repurchase Program.


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Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that its board of directors (the “Board”) has authorized a share repurchase program under which the Company may repurchase up to US$100 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing 15 Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 24 months starting from March 16, 2022.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “We noticed that the recent international frictions, the domestic quarantine measures for COVID-19 control, and macro factors across the capital market have adversely impacted our stock performance. Given the strong fundamentals and cash position of the Company, we would like to allocate additional capital to drive value for our shareholders. As previously disclosed, we had completed the share repurchase plan authorized in September 2021 ahead of schedule. This new share repurchase program demonstrates our confidence in the Company’s long-term outlook. We remain committed to our diligent and agile operations, and believe that we are able to overcome the challenges and make greater achievements.”.

The stocks have a year to date performance of 20.00 percent and weekly performance of 15.73 percent. The stock has been moved at 2.66 percent over the last six months. The stock has performed 23.85 percent around the most recent 30 days and changed 14.87 percent over the most recent 3-months.

If compared to the average trading volume of 4.81M shares, CAN reached to a volume of 5378701 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Canaan Inc. [CAN]:

The Average True Range (ATR) for Canaan Inc. is set at 0.74, with the Price to Sales ratio for CAN stock in the period of the last 12 months amounting to 1.56. The Price to Book ratio for the last quarter was 1.97.

CAN stock trade performance evaluation

Canaan Inc. [CAN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 15.73. With this latest performance, CAN shares gained by 23.85% in over the last four-week period, additionally plugging by 2.66% over the last 6 months – not to mention a drop of -64.91% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CAN stock in for the last two-week period is set at 58.31, with the RSI for the last a single of trading hit 60.81, and the three-weeks RSI is set at 56.26 for Canaan Inc. [CAN]. The present Moving Average for the last 50 days of trading for this stock 4.96, while it was recorded at 6.16 for the last single week of trading, and 6.92 for the last 200 days.

Canaan Inc. [CAN]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Canaan Inc. [CAN] shares currently have an operating margin of +36.66 and a Gross Margin at +57.17. Canaan Inc.’s Net Margin is presently recorded at +40.11.

Return on Equity for this stock inclined to 101.89, with Return on Assets sitting at 59.52.

Canaan Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.50.

Canaan Inc. [CAN]: Insider Ownership positions

Positions in Canaan Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 44 institutional holders increased their position in Canaan Inc. [NASDAQ:CAN] by around 5,462,830 shares. Additionally, 44 investors decreased positions by around 5,121,867 shares, while 13 investors held positions by with 11,487,225 shares. The mentioned changes placed institutional holdings at 22,071,922 shares, according to the latest SEC report filing. CAN stock had 26 new institutional investments in for a total of 2,453,991 shares, while 22 institutional investors sold positions of 2,941,843 shares during the same period.

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